Top Headlines: India-UAE trade deal; crude import basket at 10-month low

The other member countries of the six-nation Gulf Cooperation Council (GCC) will have the option to join the India-United Arab Emirates (UAE) trade deal on the same terms and conditions. Meanwhile, the price of the Indian basket of crude oil hit a 10-month low of $88.6 a barrel in November, government data showed. Read more on these in our top headlines.

If delay in FTA talks, GCC nations can join India-UAE trade deal

The other member countries of the six-nation Gulf Cooperation Council (GCC) will have the option to join the India-United Arab Emirates (UAE) trade deal on the same terms and conditions, if the launch of the free-trade agreement (FTA) negotiations between New Delhi and the GCC is further delayed, said people aware of the matter. In the India- UAE free-trade agreement, the two have kept a clause that if both nations agree, a third country or a group of nations shall have the option to be a party to the trade pact. Read more
 

India's crude import basket at 10-month low but pump prices to remain high

The price of the Indian basket of crude oil has hit a 10-month low of $88.6 a barrel in November, government data showed. However, officials say this may not translate into an immediate reduction in rates at pumps as state-owned retailers might need time to recoup losses incurred earlier. Over the past few days, a fresh Covid-19 outbreak in China has compounded fears of economic slowdown intensifying in major economies. Read more
 

NDTV promoter firm RRPR Holding transfers 99.5% shares to Adani's VCPL

News broadcaster New Delhi Television Ltd’s (NDTV’s) promoter firm RRPR Holding said on Monday that it had transferred shares constituting 99.5 per cent of its equity capital to Adani group-owned Vishvapradhan Commercial (VCPL). The transaction was done on Monday, RRPR Holding said in a disclosure to the stock exchanges, in consonance with a conversion notice, dated August 23, 2022, issued by VCPL. Read more
 

Indian govt allows Lankans to hold $10,000 worth of rupee in cash

Sri Lankans can now hold $10,000 worth of the Indian rupee (INR) in physical form, though the INR would not be legal tender in the island nation, after India approved a Sri Lankan request to designate the INR as a foreign currency. This will provide the island nation much needed liquidity support to help it tide over its economic crisis amid inadequate dollar liquidity. Read more
 

In coming global recession, job cuts won't mean mass layoffs: Report

The global economy is stuttering, and some of the world’s biggest names are already laying off thousands of employees. But there’s a glimmer of good news: This time around, workers have a better-than-usual shot at holding onto their jobs if recession arrives. Almost three years after Covid-19 hit, companies around the world still complain that they can’t get the talent they need. Read more